Sarepta Therapeutics (NASDAQ:SRPT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $147.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 5.82% from the company’s previous close.
According to Zacks, “Sarepta's Exondys 51 witnessed impressive growth so far this year. Furthermore, a potential marketing approval in EU should boost sales. Sarepta is also focused on reimbursement programs for better accessibility of the drug. The company’s collaboration agreements with Summit Pharmaceuticals and Catabasis as well as its own follow-on exon-skipping and gene therapy pipeline candidates represent the most comprehensive approach to treat DMD. Meanwhile, the settlement of the patent litigation with BioMarin removes a major overhang for Sarepta. However, dependence on a single product, Exondys 51, remains a concern. The DMD market is getting competitive as several other companies are developing treatments. Notably, the company’s shares have outperformed the industry so far this year. Loss estimates have widened ahead of the company’s Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
Other research analysts also recently issued reports about the stock. Credit Suisse Group increased their target price on shares of Sarepta Therapeutics from $178.00 to $189.00 in a research report on Thursday, October 4th. William Blair reissued a “buy” rating on shares of Sarepta Therapeutics in a research report on Tuesday, June 19th. HC Wainwright increased their target price on shares of Sarepta Therapeutics from $96.00 to $267.00 and gave the company a “buy” rating in a research report on Tuesday, June 19th. WBB Securities reissued a “buy” rating on shares of Sarepta Therapeutics in a research report on Wednesday, June 20th. Finally, Needham & Company LLC increased their target price on shares of Sarepta Therapeutics from $109.00 to $204.00 and gave the company a “buy” rating in a research report on Wednesday, June 20th. Two investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $169.28.
SRPT stock traded up $7.57 during trading on Tuesday, reaching $138.91. The stock had a trading volume of 13,606 shares, compared to its average volume of 1,456,252. Sarepta Therapeutics has a one year low of $46.07 and a one year high of $176.50. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of -84.76 and a beta of 1.15. The company has a debt-to-equity ratio of 0.62, a quick ratio of 9.89 and a current ratio of 10.88.
Sarepta Therapeutics (NASDAQ:SRPT) last released its earnings results on Wednesday, August 8th. The biotechnology company reported ($1.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.68) by ($0.99). Sarepta Therapeutics had a negative net margin of 89.64% and a negative return on equity of 19.34%. The company had revenue of $73.53 million for the quarter, compared to the consensus estimate of $71.53 million. During the same period in the prior year, the company earned ($0.48) earnings per share. The firm’s revenue was up 110.0% on a year-over-year basis. On average, sell-side analysts forecast that Sarepta Therapeutics will post -3.67 EPS for the current fiscal year.
In other Sarepta Therapeutics news, CEO Douglas S. Ingram purchased 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were bought at an average cost of $125.26 per share, for a total transaction of $2,004,160.00. Following the purchase, the chief executive officer now owns 399,250 shares of the company’s stock, valued at approximately $50,010,055. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 7.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in SRPT. NJ State Employees Deferred Compensation Plan lifted its stake in Sarepta Therapeutics by 50.0% in the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 3,000 shares of the biotechnology company’s stock worth $485,000 after purchasing an additional 1,000 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Sarepta Therapeutics by 75.0% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 210,000 shares of the biotechnology company’s stock worth $33,917,000 after purchasing an additional 90,000 shares in the last quarter. New Jersey Better Educational Savings Trust lifted its stake in Sarepta Therapeutics by 50.0% in the 3rd quarter. New Jersey Better Educational Savings Trust now owns 3,000 shares of the biotechnology company’s stock worth $485,000 after purchasing an additional 1,000 shares in the last quarter. Atria Investments LLC purchased a new stake in Sarepta Therapeutics in the 3rd quarter worth approximately $269,000. Finally, Fox Run Management L.L.C. purchased a new stake in Sarepta Therapeutics in the 3rd quarter worth approximately $503,000. Institutional investors own 89.99% of the company’s stock.
About Sarepta Therapeutics
Sarepta Therapeutics, Inc focuses on the discovery and development of RNA-based therapeutics, gene therapy, and other genetic medicine approaches for the treatment of rare neuromuscular diseases. The company offers EXONDYS 51, a disease-modifying therapy for the treatment of duchenne muscular dystrophy (DMD), which is a rare genetic muscle-wasting disease caused by the absence of dystrophin.
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